BUS-W235 2ND EXAM STUDY GUIDE
MVP - Answers - Minimum Viable Product
what is an MVP - Answers - a version of a new product that allows a team to collect the
maximum amount of validated learning about customers with the least effort
examples of MVPs - Answers - landing pages, product design, demo video,
crowdfunding, and software prototype
advantages of MVP - Answers - gain understanding without fully developing the
product; the faster you find what works, the less expensive and less effort to spend on if
it didn't work actually; demonstrates feasibility from an engineering or technical POV;
helps to discover target market, test and validate, figure out what is needed in the future
MVP is not - Answers - proof of concept. it is to test and validate; rough draft; minimum
marketable product; cutting corners
BMC - Answers - business model canvas
how many parts are in a BMC - Answers - 9
customer relationship - Answers - personal assistance, self-service, communities, co-
creation
revenue stream - Answers - unit sales, usage fee, subscription, leasing, licensing,
brokering, advertising, etc.
key resources - Answers - Assets such as the people, technology, products, facilities,
equipment, channels, and brand required to deliver the value proposition to the targeted
customer
key activities - Answers - the most important things a company must do to make its
business model work i.e. production, problem-solving, platform/network,
marketing/sales
crowdfunding - Answers - democratized method of raising money
4 models of crowdfunding - Answers - patronage, lending, reward-based, and investor
patronage model - Answers - funding without expectation of a return on investment
lending - Answers - funding as a loan
MVP - Answers - Minimum Viable Product
what is an MVP - Answers - a version of a new product that allows a team to collect the
maximum amount of validated learning about customers with the least effort
examples of MVPs - Answers - landing pages, product design, demo video,
crowdfunding, and software prototype
advantages of MVP - Answers - gain understanding without fully developing the
product; the faster you find what works, the less expensive and less effort to spend on if
it didn't work actually; demonstrates feasibility from an engineering or technical POV;
helps to discover target market, test and validate, figure out what is needed in the future
MVP is not - Answers - proof of concept. it is to test and validate; rough draft; minimum
marketable product; cutting corners
BMC - Answers - business model canvas
how many parts are in a BMC - Answers - 9
customer relationship - Answers - personal assistance, self-service, communities, co-
creation
revenue stream - Answers - unit sales, usage fee, subscription, leasing, licensing,
brokering, advertising, etc.
key resources - Answers - Assets such as the people, technology, products, facilities,
equipment, channels, and brand required to deliver the value proposition to the targeted
customer
key activities - Answers - the most important things a company must do to make its
business model work i.e. production, problem-solving, platform/network,
marketing/sales
crowdfunding - Answers - democratized method of raising money
4 models of crowdfunding - Answers - patronage, lending, reward-based, and investor
patronage model - Answers - funding without expectation of a return on investment
lending - Answers - funding as a loan
